To be eligible for a £1 home, prospective buyers must prove this will not be their main residence for at least the next five years, and that they are committed to refurbishing the derelict houses to the Decent Homes Standard - which requires properties to be warm, weatherproof and reasonably modern.

Those interested in buying one of the £1 properties must also promise not to sub-let any home they buy.

Unfortunately, any non-Merseysiders hoping to bag a bargain-price second home may be left disappointed, as the homes will only be sold to people who live or work in Liverpool.

The decision to sell the houses at such a low price comes after Liverpool council broke off a £25m regeneration deal with developer Leader1, which failed to sign the contract in time to meet agreed deadlines.

Liverpool City Council's Cabinet Member for Housing, Councillor Ann O'Byrne, said: "We think that these plans provide a really good foundation for the future of housing in Granby, Kensington and Picton.

"We want to find innovative ways of bringing properties back into use and attracting people back into our neighbourhoods - whether that's through offering homes for £1, or working with Registered Providers to refurbish homes and selling them at discounted prices.

"We have been working closely with the local community over the best way forward for these areas, and I hope that these new proposals will give them certainty that the housing renewal they have waited for, for so long, remains a priority for us."

A similar scheme has also been recently set up in Cobridge, Stoke-on-Trent. Last year, proposals to sell £1 homes were introduced in the hope of regenerating the area.

As part of this scheme, new owners will be given a £30,000 loan provided by the local authority to develop the homes to an acceptable standard.

The conditions are still being drawn up as to who the homes will be sold to, but a Stoke city councillor confirmed they will likely be sold to local residents.

Councillor Janine Bridges, cabinet member for housing, neighbourhoods and community safety, said: "This is a major initiative that will transform empty and rundown houses that are currently having a devastating impact on the community of Cobridge.

"We want existing residents to feel part of the project and to understand how it will benefit them as well as the new owners. It is not just about revamping the empty homes, it is about breathing new life into the community as a whole."